The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. CCA and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges.  The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund. CCA advises Mutual Funds and discloses $5.7bn in their most recent Form ADV. Convergence’s risk rating was and is High-Watch.

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Since at least January 2014, Springer and the investment adviser firm he controls, Springer Investment Management, Inc. dba Springer Financial Advisors (“SFA”), which is registered with the SEC, have engaged in a pattern of deceptive conduct specifically targeted at retirees and near-retirees, including making false and misleading representations to clients and prospective clients and breaching the fiduciary duty they owed to their clients.

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IMDDA’S SECOND ANNUAL SURVEY ON SEXUAL HARASSMENT IN THE $95 TRILLION GLOBAL INVESTMENT MANAGEMENT INDUSTRY REVEALS PROGRESS IN UNCOVERING HARASSMENT, BUT CHALLENGES REMAIN 

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